Question
Selected data concerning the past fiscal years operations of the Woodson Manufacturing Company are as follows (in thousands): Inventories Beginning Ending Raw materials $70 $90
Selected data concerning the past fiscal years operations of the Woodson Manufacturing Company are as follows (in thousands):
Inventories | ||
| Beginning | Ending |
Raw materials | $70 | $90 |
WIP | $75 | $35 |
Finished goods | $100 | $120 |
Other Data | |
Raw materials used | $468 |
Total manufacturing costs charged to production during the year (includes raw materials, direct labor, and factory overhead applied at a rate of 80% of direct-labor cost | $864 |
Selling and general expenses | $50 |
Answer each of the following items:
(A). Compute the cost of raw materials purchased during the year.
(B) Compute the direct-labor costs charged to production during the year.
(C) Compute the cost of goods available for sale during the year.
(D) Compute the cost of goods sold during the year.
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